The patch is up! To properly apply this patch, it requires some careful attention on your end. You must watch the screen closely while booting into the beta. As soon as you see the patch message come up in the XMB overlay, you should hit X to accept as quickly as possible.

If you miss the window your PS3 will reset but NOT patch. Simply launch the game and you can try again.

Note: ALL RANKS WILL BE RESET WITH THE PATCH

Patch Notes

General

* Grenade explosions now apply damage properly

Matchmaking

* Players should no longer get hung up in matchmaking for long periods of time

Bug Fixes

* Ranks should no longer reset randomly
* Quitting the game will no longer reset the PS3
* Player collision – players should no longer get hung up on each other when moving through the environment
* Player will now be killed if stuck in falling animation for too long
* In Plunder mode, treasures will no longer disappear during matches